Understanding Level Term Life Insurance

Most commonly, when people discuss term life insurance, they are talking about level term life insurance. This could be 30-year term life insurance, 20-year term or any other length of term, but it will have the same death benefit for the entire period. Typically, level term life insurance premiums will also stay the same during the entire contract period, but this is not 100 percent true and should be verified by consumers. In fact, if you find some published prices that seem a lot lower than other companies, you might suspect that premiums are not guaranteed for the whole time.

You are welcome to compare term life insurance quotes online with our simple and quick quote form. You can find prices for different term life insurance and different death benefits almost instantly. If you have questions, you are also welcome to call us.

level term life insurance

Level Term Life Insurance Facts Online

Why consider level term life insurance over whole or universal life? Consider some of the advantages:

  • Per dollar of coverage, term life insurance rates will be cheaper than they are for whole or universal life.
  • Because these premiums are lower, people can afford to buy enough of the coverage to protect their homes, spouses, kids and other dependents.

 The primary reason people should consider buying any level term life insurance is for the death benefits. Because you pay for the death benefit, and not any sort of cash value, term provides a good value for most consumers. However, some people, especially seniors, are not entirely comfortable with the thought of just paying for premiums and not having any value when the contract ends.

Return of premium level term life insurance is a compromise. These policies are slightly more expensive, but they refund every premium paid if the death benefit never gets used. Consider some sample monthly quotes to understand the difference.

These are sample monthly level term life insurance rates for a man in Florida who is 46, wants a $200,000 policy for 20 years, and is in good health:

Level Term Life Insurance Sample Rates

  • No medical exam: $48.93
  • Physical required: $25.38
  • No medical exam Return of premium: $116.34

Please note: These are just sample level term life insurance rates, and your own price will depend upon many unique factors.

You probably notice that the sample monthly rates for the level term life insurance return of premium policy are quite a bit higher than either of the other two options. However, at the end of the contract, you can get a check back for every penny of premium that you paid as long as you didn’t need the death benefit and kept the policy active. At the end of 20 years, you could expect a check for almost $28,000 just for staying alive.

level term life insurance rates

With the other two options, there will be no value left in your level term life insurance at the end of the contract. However, notice that you may be able to get cheaper rates if you agree to submit to a life insurance exam. The best life insurance companies will offer either option, and they will offer to pay for the physical if you end up buying insurance or not. People who are healthy enough to qualify for preferred rates could save thousands over the course of a 20-year term policy.

Find Level Term Life Insurance Rates Instantly

At Smart Term Quotes, we do everything possible to help our clients find the best value for their own needs. Take advantage of our quick quote system 24/7. You are also free to begin applying from the quote screen. If you need more help, give us a call. We hope that our level term life insurance quote system and personal service can work together to serve as many clients as possible.